This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

NewBridge Bancorp Reports $1.1 Million Fourth Quarter 2010 Net Income; $3.4 Million Net Income For Year

NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported financial results for the fourth quarter and fiscal year ended December 31, 2010.

For the fourth quarter, net income totaled $1.1 million compared to $51,000 for the fourth quarter ended December 31, 2009. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $390,000, or $0.02 per diluted share. After dividends and accretion on preferred stock in the prior year’s fourth quarter, the net loss available to common shareholders was ($679,000), or ($0.04) per diluted share.

For the full fiscal year just ended, net income totaled $3.4 million and net income available to common shareholders amounted to $462,000, or $0.03 per diluted share, compared to a net loss of ($15.1) million and a loss of ($18.1) million available to common shareholders, or ($1.15) per diluted share, in 2009.

The fourth quarter included a $338,000 impairment charge on properties associated with the recently announced agreement to sell the Bank’s Harrisonburg, Virginia operations. The fourth quarter of 2009 included a $389,000 pre-tax gain on sale of investment securities. The year ended December 31, 2010 also included a $3.6 million pre-tax gain on sale of investment securities. The 2009 fiscal year included one-time expenses related to restructuring branch operations, terminating certain retired data processing systems and termination of non-executive employment agreements totaling $2.9 million pre-tax, as well as a special industry-wide FDIC assessment expense of $970,000, partially offset by a $1.1 million pre-tax gain on sale of merchant card services.

In making the announcement, Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “We are pleased to report a profit in 2010 on the strength of a number of positive trends that resulted in a $29.9 million pre-tax improvement over the prior year. Our net interest margin remained stable for the quarter and year which resulted in a $10.1 million increase in net interest income. Noninterest expense declined $5.0 million on disciplined cost cutting measures, despite a $3.5 million rise in OREO write-downs and expense. Other credit related costs also declined as nonperforming loans decreased 47% below peak levels, excluding restructured loans. In addition noninterest income and capital levels improved. The Company’s tier one leverage capital was 9.69% and total risk based capital was 13.13% at December 31, 2010.”

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs